[ The following information applies to the questions displayed below. ] Starting in May, Nicole
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Question:
The following information applies to the questions displayed below.
Starting in May, Nicole has decided that she has everything she needs to open her doors to customers. To keep up with competition, Nicole has added gift certificates and has started to advertise her company more to keep her business going in the long term. Here is a sample of some transactions that occurred in the month of May at Nicoles Getaway Spa NGS
May Paid $ cash for an insurance policy that covers the period from June until May next year.
May Ordered five new massage tables from Spa Supplies Unlimited for $ each for future delivery.
May Provided $ of spa services to customers on account.
May Received spa supplies purchased for $ on account to use at Nicoles Getaway Spa.
May Received a bill for $ for running an advertisement in the newspaper in May. The bill was paid in cash.
May Paid onequarter of the amount owed from May
May Customers paid $ cash for NGS gift cards. No gift cards have been used.
May Obtained financing from the bank by signing a $ twoyear note payable. The $ cash was deposited in NGSs bank account
May Received two of the massage tables ordered on May and paid for the two tables in cash.
May Paid $ cash for utility bills for services received and billed in May.
Question:
Find preliminary net income and net profit marigin
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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